Virtual bookkeeping: Definition, benefits, Users

How bookkeepers and accountants not only perform their work but add value to their clients, a drastic shift has been noticed. Online accounting applications such as Impanix and QuickBooks have become a norm in the industry and have allowed for firms to have the ability to become virtual bookkeeping service providers, one will be able to telecommute and work with clients virtually, instead of physically working from a client’s office.

From growing your firm’s geographical reach to reduce time and costs, there are many benefits that come from this new way of working. There are also a number of applications and tools that are helpful in ensuring this process is carried out properly.

What is Virtual bookkeeping?

It is not a hidden thing that running your own business is quite hectic and things are super busy. You’ve got lots to organize – employees, clients, projects, supplies, website, and marketing and dare I say it, yes, the bookkeeping and tax compliance tasks! Some business owners prepare their own books but many are outsourcing the task to professional bookkeepers instead. On one hand, Some prefer to employ an onsite bookkeeper and on another handsome choose to use the services of virtual bookkeepers.

Virtual bookkeeping is conceptually similar to on-site bookkeeping which allows an accountant or bookkeeper to provide accounting services for a client remotely. As businesses seek creative ways to find a balance between staffing arrangements and workloads telecommuting positions are becoming more common.

How did it work?

To enable virtual bookkeeping, the business grants the bookkeeper remote access to its server, Bookkeeping Services, and financial documents. Company’s secure network can be signed by the bookkeeper from his home computer. And accesses the documents just as he would if logged onto an on-site company computer. And installs the company’s bookkeeping software onto his computer. Depending on the arrangement, either the worker or the client may purchase and register the software, but both must use the same program and version to ensure proper transfer and communication of the files. In case the bookkeeper is an employee of the company, she will receive according to the employer’s payroll policies and cycle. If the bookkeeper is working as an independent contractor, she will invoice the business for the services performed and the client will remit payment in accordance with its contractor payment policy.

Benefits of Virtual bookkeeping

You have to be acquainted with the points covered before enjoying Virtual Bookkeeping Services. There are certain upsides to such virtual services, other than security and cost. Let’s just jump right into the details.

Server setup with add-ons: With the help of virtual services, you can enjoy the convenience benefits through server setup and added services.

Updated financial reports: In case you are looking for updated financial reports right at your fingertips. Count on virtual bookkeeper for help.

Time-based download: They are all set to download account information on a monthly and weekly basis.

Direct access: There are certain times when you need your computer to allow you with direct access to financial information. For that, procuring help of virtual bookkeeper might work in your favor.

Access to other employees: In case, you want other employees to have proper access then you have the liberty to work on that too. You can work on any kind of security setup.

Top 3 Providers of Virtual Bookkeeping

Impanix provides the financial tools and bookkeeping services to grow your small business. Also, it pairs you with a full team of accountants, tax experts, and bookkeepers. Who work directly with you and each other to build a comprehensive, long-term strategy for your financial performance. The accounting reports you need anytime, anywhere via an accounting dashboard that automatically updates to provide a comprehensive picture. Where your business stands at any given moment.

Finsmart Solutions is in operations since 2007 which provide outsourcing accounting and bookkeeping services. It works as a ‘Virtual Accountant’ providing support in other areas. Like record maintenance, advice on accounting process and controls, providing necessary information. And details to auditors and attending to auditor queries. Finsmart also provides ‘onsite’ accounting services wherein its personnel visits the client’s office at a predefined frequency to manage accounting tasks. This eliminates the need for transferring official records from client’s offices to their office.

Radisson Consulting is a trusted name in Indian market with a proven track record. Radisson Consulting majorly focuses on consulting disciplines and compliance services. Which it deploys to assists its clients in developing and expanding their businesses. Radisson Consulting provides premium services in tax, regulatory, assurance, corporate finance and real estate advisory.